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on that coming up. even when they say it's not, it is always about money. melissa: all right. first the day's market headlines. a bad day for stocks just keeps getting worse. a news conference by president obama only amplified fears about the fiscal cliff and down to a 4-month low down 185 points. banks of america led the slide, closing down more than 3 1/2%. one bright spot, cisco shares surged 5% on an earnings beat. >>> now to our top story, president obama may be a betting man because he is trying to double down on how much tax revenue will be raised as part of the fiscal cliff deal. after meeting with business leaders today and union leaders yesterday, the report president is reportedly taking a hard-line with the gop, pushing for a $1.6 trillion tax hike on corporations and the wealthy over the next 10 years. here it comes. joining me is union leader. thanks so much for joining us. you're the national, sorry, the president of the national education association. you attended the president's meeting with labor leaders at the white house. thanks for joining us. what was the tone of that
, the seeking of a diplomatic outcome, which i think they should do, if that fails, i think that the obama administration and president obama is going to have a decision very much like the one president bush had in 2002. right now we need to step back and think creatively. are there other scenarios that we can work that can get a good result in iran? without leaving the president of the united states where he only has two choices? go to war, or accept a nuclear- powered iran. neither of those is attractive. now is the time to think of it -- think creatively about an acceptable outcome in iran and avoid the halcyon choice. >> are you concerned about is real? >> interesting, israel has a lot at stake, but they are also an independent decision maker. they have their own interest in this and have made it clear that they are not prepared to except without some of the military action iran with a clear path to a nuclear weapon. one scenario would be for the illustration to try to engage with the iranians diplomatically. with the other countries involved in the so called p five. offering a robust
are both in red right now. the dow is down by 15 points, nasdaq flat coming off earlier highs. >>> president obama says the u.s. is not going to fall off of the "fiscal cliff." during a press conference the president says he is willing to work with republicans to keep automatic spending cuts and tax hikes from taking effect at the end of the year. the president wants to maintain current tax rates for people make under $250,000 a year. but he says the wealthy will have to pay more taxes which has been a sticking point for some republicans. >>> the maker of blackberry is getting ready to release a new smartphone. research in motion sails the blackberry 10 will hit the market at the end of january. the company delayed the new phone to make some changes. guys, looks like i might be getting an upgrade on my blackberry. >> about time. >> aren't you happy about that? >> i am! going to be cool. >> and apparently, you can use your blackberry and get a cup of tea now at starbucks, too? >> that's right. it's building on its tea business. starbucks spent $620 million to buy teavana of at
of benghazi leads right to the white house. right to the oval office. and president obama has made some statements already that are so contradictory of each other there is no way in the world he could explain the contradiction of his comments. talk about a transparent administration. yeah, they are transparent all right of you can see right through them. and they are as corrupt as any i have seen. i think this is going to lead to impeachment. i don't think that's an overstatement. i think it will lead right to impeach. and i think he will be convicted of it. host: it's almost laughable to see is senator mccain comment about susan rice's qualifications after picking sara palin as his vice president in 2008. new jersey on our independent line. good morning. caller: i'm not happy with senator mccain. senator mccain lost the election. he's still trying to get even for the loss of the election. he's a great supporter of us -- our country attacking iran. how many soldiers and how many people in this country will get killed because of the disaster that would be if we got involved in iran? he s
is effective of what he said when he was standing the economy, we by obama's sidedo yn they extended the bush tax cuts. that we need to have a grand bargain and it needs to go into effect right away? or do you agree with this, get the grand bargain, but delayed for a year or two, as the people on the democratic side of the debate have argued? >> my job is economic policy adviser. i am best at leading the policy -- politics to someone else. as an economist, the right strategy is to get our fiscal house in order, to make lasting commitment to show we can do that and we are going to do that. that requires additional revenue as well as spending cuts. we also want to healthy economy in the short run. the present proposed tax cuts that will healthy economy in the short run. the group that am best at leadit propensity to consume is the wealthy. there was a report released that concluded that extend the middle class tax cuts would create $1.6 million -- 1.6 million jobs compared to letting them expire. if you take the revenue raised from allowing the top rates to expire and use that to do things like
, there is a mutually assured let's cool the rhetoric on that down right now because it is not helpful toward moving toward a deal. but it is a big underlying concern. when president obama goes to asia, in the coming week, a lot of asian nations who are concerned about china's rise are concerned about a sequestration particularly the automatic defense cuts that would take place. it is still a very real concern. there is on some gut level in d.c., a feeling of let's not even talk about this right now. nobody wants this to happen. >> correct me if i'm wrong but don't we have to deal with raising the debt ceiling again before too long. >> let's not talk about that either. there are so many things piling up that either have to happen by the end of the year or would kick in early next year or you know february doesn't seem like that far away, right. so there are a number of things that are in some way daisy chained together as part of these negotiations. >> we're talking to margaret talev, white house correspondent for bloomberg new
of this country which is something that he is right about. we do have to fix that. you do that through economic growth, not raising taxes to 91% imagine this. he got a nobel prize. so did president obama, dundee? and the unions, back then they made up 24%, 24 percent of the workers back in 1995. 1955. today that number is a rather convenient -- because it makes this a reduction by half, of 12 percent right now. that tells you which way the country is moving. this this down on the part of carbon for a 91% tax rate, i want you to know that if ever there were evidence that nobel prize to not equal genius, i think we can start to with mr. grubman and the number 91. >> the iron dome at work. stunning effectiveness. but a ground war on the horizon. the 18 debates the consequences. the most transparent administration ever, really? congress now wants to know about those e-mails. details ahead. the free and the brave, how about the land of pansies and the home of wiener's? have we become an oversensitive, was a fight culture? we will tell you. talking about his brand new book, the joy of hate. want to t
this is how the president did it. >> and also paul ryan talking about the urban vote. norah? >> that's right. john, it was almost as if romney told supporters that obama won because he gave a chicken in every pot to everybody. >> exactly. and he's now become to -- this was essentially the sentiment at the heart of that secretly recorded video that came out during the campaign where he talked about the 47%, the people so dependent on government they would vote for the president because he was going to hand things out. romney spent several weeks then trying to walk back from that statement. now he seems to be embracing it aga again, the idea basically that these voters are so easily manipulated that the president merely needed to dangle a thing or two in front of them and they would rush to him at the polls. the reason you would embrace this argument if you're in the romney camp is because the alternative argument, that they totally misread the electorate is a more painful one to embrace. >> the notion that nancy cordes raised, is the president clearly desirous of reaching out with good intent
. but the obama administration lined up with the israelis. state department spokesman mark toner said the u.s. believes israel has the right to defend itself. >> our position is clear that there's no justification for the violence that hamas and other terrorist organizations are employing against isrl. and the onus is on them to cease their rocket attacks so that this de-escalation can take place. >> suarez: earlier, i spoke with the israeli ambassador to the united states michael oren to discuss the latest developments. ambassador, what's the latest from tel aviv? where the strikes accurate? have missiles actually hit the city and is anyone snurt >> thankfully nobody was hurt. the rockets struck in the greater tel aviv area. the alarms went off. the sirens, prime minister netanyahu was in the city at the time to a bomb shelter and now this simply means that 4.5 million israelis-- over half the population of the state of israel-- has come under rocket fire from terrorists within gaza >> suarez: does this represent a significant of abilitys in the range of people who would shoot in israeli c
supplement plan that may be right for you. >> a new gallup poll shows the percentage of americans who think the country will be worse off than four years has more than doubled in four years. apparently an obama presidency has not inspired much optimism. do you agree? here's what some of your posting on our facebook page. we asked on gerriwillis.com. 1% said better, 99% said worse. here are some of your e-mails in response to election day. jim from michigan says i hope republicans just say no more charitable deductions, reduce spending and let things go down the toilet. let joe biden give more than his nine tenths of a percent. i say if you do not pay federal income tax is, you cannot vote. thomas agrees. the american dream is gone, so get ready for texas who never would have dreamed for. environmental control, higher energy costs and shortages. loss of personal liberty and a guarantee for nuclear proliferation. revision of the u.s. constitution and unheard-of lowering of american prestige worldwide. i'm in the first time i this herbal years ashamed of the american electorate. and the u.s. w
to intel, but right now it is in real trouble. stocks are on sale down nearly 200 points the dow jones industrials but we have the ceo of honeywell coming up, just in a meeting with president obama, so let's begin after the bell with david asman. david: a lot of people sit in it he started talking the market went down. i think it was much more to do with what the federal reserve was saying about when they may raise rates. they broach the subject of raising rates even though it is in the future. liz: that and possibly qe4 and people trying to blame the president. we know nicole petallides talking to all the traders and accelerating losses into the close. nicole: he said we have further to go to the downside, looking at the technicals were not actually by the market until we were a nice pop for facebook. liz: on the down day, abercrombie and fitch came out with sales just down on fifth avenue can see there is always a line for this company. nicole: they were down 36% year-to-date after the close. today a complete turnaround saying the sales are doing well. good numbers for abercrombie. d
obama is going to look at his legacy and looking at markets. he has a terrific opportunity right here and right now to embrace small business, get the markets growing again and really do a lot for his legacy in the long run. rick: simon, americans do seem to want to see a certain level of cooperation between the parties. you know, but this is a president who has not really shown a willingness to reach across the aisle. now in his second term does that change? >> well, i don't agree with the first statement but i think that he has made it clear from his statements of the last few days that he expects to work with john boehner and republicans and mitch mcconnell in the senate to try to, you know, tackle a few big things. i think one of the things my, the other guest said, which is just fallacious and wrong and shouldn't be repeated is that the idea that the raising rates on people over $250,000 is going to hit a majority of small business owners. >> simon, y a small business. you're a policy wonk. >> you keep saying it doesn't make it true. 97% of small business owners will be exempt fr
obama. what do you think? what is the right way forward in our relations with china at this time? what's the right thing to do? >> one, i think you have, and you all know this, you know. what you hear from barack obama or mitt romney, the candidate, is going to be different than what you're going to hear from barack obama for president, i would have heard with romney for president. that's just the way of campaigns, and you all know that. i think you have to think of china in two ways. and one was come it is sort of summed up. i had a meeting in beijing a couple weeks ago and i met with a man named john who will be the premier of china. so he's talking in chinese, very interesting man. and he says something in chinese and the translator translated, america and china are not rivals. i thought well, that's interesting. and he stopped the translator and said no know. i didn't say we were not rivals. we are rivals. but i said we're not necessarily on the opposite side of the table. and i think he captured something very important there. i think the way you need to take about china is this w
, the biggest issue for the markets right now seems to be the uncertainty surrounding the fiscal cliff. yesterday business leaders urged president obama and lawmakers to prevent a year end across board tax rise that will go into act unless congress acts. >> he understands it requires a combination of tax increases and title refor and discretionary spending cuts that dnl democrats and republicans have to work together. i'm is sure there will be a lot of forth and back between republicans and democrats, the congress and the president as they start to work their way to a deal. but i'd say there's strong recognition of the significant of getting a deal for the ben fft t benefit of the american public. >> this is all about trying to make american business more competitive, trying to have a fair balanced approach to tax refo reform. the president was clear he wants a balanced approach and we were clear we are behind him. >> top the president and top member of congress will be meeting. cnbc is urging leaders to rise above partisan rhetoric to try to find a solution and in that spirit, we have
and they could trust that had the right priorities from president obama to our historic numbers of democratic women. and out of the problems we test and we asked them about everything because you know how this polling goes. i'm thrilled they were thrilled to do one more poll after the election, the candidates they voted against they were really concerned those candidates were going to take us back to the failed policies of the past. they got it. they don't want to roll the clocks back. they want to move forward. and more than being wrong on any issue of debt or health care or taxes, women recognized the total "mad men" gop agenda is what they did not want and they reacted that way. i say the growth will be sustainable in years to come. we have the right agenda and we just need to keep building and talking to our women, our fellow sisters across the country and the men who stand with us because they know that together we can make a great, great difference. and with that, i think about just some of the incredible women who have done so much and we do have a couple of special guests here today a
to be willing to let the tax cuts skpiefrmt is that the right strategy here? >> well, it depends where you're trying to get. i think -- i happen to agree with president obama about where he is substantively in terms of what he needs to do to get an effect ivg program as far as our long term tra jektly. i think some of his tactics, it's very hard if you're not in the room to know what to do tactically but what he says to me is different than what you said. he said i have an objective. we cannot get there with tax expenditures. >> with the tax reduxes. >> right. if it meets with the long-term fiscal trajectory, you can get ourselves in a much better place for the long term and you can significantly improve long range terms. you put all that together. what he then said is i'm willing to sit with people and compromise to find common ground. it's sort of what he says but not quite. he says beall have to work together if we're going to meet that objective. >> what do you guess? is he playing too hard ball with the republicans or is there room for compromise? >> i think he shouldn't focus at all
the question of north america energy integration, which was absent from the obama campaign. but on the whole, i think that michael is right in the sense that doesn't seem to be much eagerness here for any kind of new economic relationing, except perhaps with mexico mexican d.a., i recall -- canada the first choice for trade representative back in 2009, when he was first elected, decided not to take the job because he didn't thig would happen on trade. and we saw the ratification of colombia agreement and beyond that very little. we have negotiations on the transpacific partnership and but what michael was right on, there doesn't seem to be any great eagerness in lotted latin america for new trade agreement. wasn't doesn't seen brazil or argentina knocking at the u.s. door to somehow deepen their trade relations. so i think that if the americas depends on economic integration, allen, things don't look too good frankly. regarding the i thought part of your question was whether in fact the heavy migration from central america, mexico would shape the way we think about latin america in the sense th
trades when you open an account. >>> all right. welcome back. we have a hot show for you today. we are getting down to the brass tax on the fiscal cliff tomorrow. president obama and congressional leaders meet face to face with the clock ticking to new year's on the fiscal cliff. for nearly two years, the one plan that has gotten the most support among those outside of washington and even inside has been the simpson/bowles plan. the two, of course, chaired president obama's debt commission. two years ago when the plan was presented, it was all but ignored by those in power. joining me now, the two architects behind the plan, former republican senator alan simpson and former chief of staff for democratic president bill clinton erskine bowles. gentlemen, wonderful to have you on the program. i want to first get to this. have either of you or together both of you been asked to participate in any way in these fiscal cliff negotiations? >> i've talked to most of the members of the white house. i met over the last couple of days with what's called the gang of eight, four republican senat
but delay it for a year or two. what we need right now is continuation of stimulus. that's what he said when he was standing by obama's side when they extended the bush tax cut. do you agree in the conversation you're having we need to have a grand bargain and need do go in to effect right away. do you agree with in get the grand bargain but delay if for a year or two as some people even in the democratic side of the debate have argued? >> my job is economic policy adviser. i really -- best believing the politic role to someone else. i can tell you as a economist, the right strategy is to get our fiscal house in order. make lasting commitment to show we can do it and do do that. that require additional revenue as well as spending cut and we want to help the economy in the short run. the president proposed fax cuts that would help the economy. the worst kind of stimulus is tax cut for the wealthy. the group that has for the lowest marginal propensity to consume are the wealthy. the congressional budget office last week released a report which concluded that extending the middle class tax cut
on "the re-election of president obama" and the impact this could have on the u.s. coal and energy sectors. caterpillar down better than 11% over the past year as you see right there. jim, what do you think? agree? disagree? >> i disagree. normally i get down on these analysts because i think they look too much the minutia of a company and minneapolis the macro themes. i like his methodology, starting right at the top, politic and policy because those are the big drivers and movers of stocks over the last five years. the thing i don't like about downgrading cat, there have been some decent numbers out of china. if we think we're going to come to some agreement on fiscal cliff, the broad market with rally. cat would become a proxy. >> so disagree with jpmorgan there. brave man. "limited upside brings us back to a hold on valuation ground." the stock has had a modest jump of 8% over the past six months. >> i'm long j&j and am going to hold it like they say. that 3.51% yield is nice particularly when they're -- when the government's compressing yields along the treasury curve and the percept
at 10:15 a.m. eastern. speaking on on cnbc thursday, the co-chairs of president obama's deficit commission alan simpson and erskine bowles say you law make are haven't been focused on what's really right for the country. >> leaders who think it would be to their advantage to go off a fiscal cliff. what a wonderful trait that is. that we can win more democrats if we let it go over, we can win more with republicans. this whole game is not about win or lose. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that and they're ashamed of if. >> if we do get our house in order, the future of america is really bright. and we can compete with the best and brightest. if we don't, we're well on on our way to becoming a second rate power. >> simpson isn't hopeful a deal will be reached before the end of the year. bowles sees a one third chance. on that optimistic note, joining us is ben white from politico. so what's it going to be, economic chaos? >> no, i think i'm at more saa more sanguine. republicans lost seats in the house and senate a
democrat in the senate. why weren't you in his offices getting arrested? >> i think that first obama term was like a dress rehearsal for progressives. we got some stuff right but at the end of the day it was like we got him elected and we thought he would govern and we'd work in unison and this time around we've got to inject way more more post oosh election accountability. so yeah senator durbin is a great ally of ours but he's been part of this gang of six or gang of eight depending on the story, and you know, really trending in the wrong direction. >> a bipartisan group of senators in the house who had been working to the to try to hammer out some kind of deal they could take to the full senate. >> they seem to be backing away from the senate. they've got a shot at doing that. i think we need to in this second chance, we're past the dress rehearsal, is actually get out on the streets, put tension, two of the big things that president obama did that he didn't plan on doing, would block the keystone pipeline, added tension in the relationship and the dream act work. and those were both t
observing here that about 80% are closed, and the rest of them are pretty empty, suzanne. >> all right. fred, thank you very much. appreciate it. >>> another major story that we are watching today. >> thank you. thank you. >> president obama gets a round of applause during his history-making event to myanmar. he is the first sitting u.s. president to visit the country, also known as burma. for decades myanmar was cut off from the world because of its repressive military regime, but a reform movement now underway in a speech at the university president obama urged myanmar to continue its reforms. he met with nobel prize winner aung san suu kyi. >> i want to make a pledge to the people of this country that i am confident we can keep, and that is if we see continued progress towards reform, our bilateral ties will grow stronger, and we will do whatever we can to help insure success. >> the president arriveed in myanmar. he is now in cambodia for the east asia summit. >>> the two sides have been fighting this long and so violently, can they find peace? we'll talk to former diplomat james ruben a
. those are the guys that need help. president obama meeting with big labor leaders today almost that bring us any closer for farther away from a deal? the cliff, a deal. millions of us use the product he invented, this man, right here, to keep our computers safe from virus. as we first reported yesterday, john mcafee is on the run in central america. he is wanted for murder. we have new information this hour, including his side of the story. >>> and tens of thousands of people are still without power in the 12 wealthiest counties in the country. my mere and father-in-law got theirs back last night, but they still have no heat, no hot water and no laundry. we sent gary gam minute ski into the mess in his home up to with two cameras and what he came back with will stun you. sue is live at the new york stock exchange. sue? >> i have seep a little bit of that ty, you don't want to miss gary's story in a few minutes much the markets have been up and down on either side unchanged today. right now the dow is in the green by 22 points, the s and p up about 2.75 points. nasdaq negative b
that were -- the folks in washington knew what the right way was to try to whip national elections, they couldn't quite do it because they were -- basically, they succumbed to their base the democratic party started with bill clint and obama successfully able to carry this over, never able to allow the base of the democratic party, special interest groups, to overtake the national message, the republican party -- >> the serious governing philosophy thatter is thfd country well but too many swing voters in the country, you hear the word conservative now, they think of looms and wackos. we gave pup five u.s. senate seats the last two election cycles by people who were just out there, completely extreme, manifestly up prepared for the offices that they are running for. our elected leaders scared to death of the conservative entertainment complex, the shrill and divisive voices that are bombastic and broadcasting out into the homes and this country is rejecting the social extremism of the republican party on issue after issue. if you look at the four states that legalized gay marriage,
that's a perfect solution. >> all right. let's stay on it. robert frank back at hq. >> yesterday he attended president obama's labor meeting on the fiscal cliff. today we'll get his scoop when dennis van roekel joins us later on. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the memories that last, start with the gifts that last. ♪ enjoy free ship
are about to enter the no spin zone. the factor begins right now. hi i'm bill o'reilly. thanks for watching us tonight. the presidential press conference, that is the subject of this evening's talking points memo. mostly a waste of time. as mr. obama did what he always does, provided long-winded answers to general questions. the first question from the white house press corps should have been very simple. exactly when were you told about general petraeus, mr. president? and why was this kept secret until after the election? simple. that's the kind of question that allows no wiggle room. instead, an associated press guy asked an opinion question rather than a fact question. allowing the president to dance. >> do you think that you, as commander and chief, and the american people should have been told that the cia chief was under investigation before the election? >> obviously, there is an ongoing investigation. i don't want to comment on the specifics of the investigation. the fbi has its own protocols in terms of how they proceed. and, you know, i'm going to let director muller and others e
everybody's got to give to get everybody to the table. >> i think right now the key question is we know we need additional revenues for the next ten years. >> we also know we need additional spending cuts. >> and president obama has put that on the table. >> let's talk about the cuts, because joe here has talked, what did you say, you said it was 1 to 1 1/2? >> if he sticks to where he was at 1.2. >> summer of 2011 originally -- >> 1.2, no he wants 1.6 now. he's at 1.6 and we're talking about four total so that's 2.4 to 1.6 would be 1.5 to 1, when he was with boehner, 800, wanted another 4. >> you were in the room so you know. >> first of all, since we talk about bowles-simpson so much, bowles-simpson has a 1:1 ratio. >> it doesn't. >> i thought it's 1:4. >> it's 1:3. >> in the way the bowles-simpson frame was put out something people didn't realize was that in terms of the revenue number they weren't counting the expiration of the high income tax cuts which they proposed to get rid of. apples to apples, in terms of the way people are currently adding up their math, it's approximately a 1:
' swing. i heard that. >>> right now on "amount reports" trading fire. israel's air strikes counter hamas rockets. >> i very much hope over the coming days we can achieve this issue on a basis that is sustainable. >> president obama, who strongly endorses israel's campaign, today arrived in cambodia, the first american president to visit that country. hours earlier, he became the first u.s. president to visit myanmar, known as
're not the only ones who would like to avoid the rolling fiscal cliff as you say. >> that's right. >> more with michael in just a second. tune into cnbc later today for a very special event, maria bartiromo will sit down with the co-chairs of president obama's deficit commission in chicago. that's today at the 4:00 p.m. eastern. and still ahead, the latest fed minutes suggest a fresh round of bond purchases. >>> u.s. futures are trying to stage a rebound. this morning implied to open higher by about 31 for the dow, a couple each for the s&p 500 and the nasdaq. european equity markets, though, seeing selling pressure across the board. spain bucking the trend, though giving back earlier gains. we are of course following the story from the mideast all morning. in the meantime, though, minutes from last month's federal reserve meeting show central bank may be preparing to unveil a new bond buying plan next month. the fed's current operation twist program is due to expire at the end of the year. meanwhile san francisco fed president john williams says qe-3 will likely extend into the second hal
pleading guilty to a misdemeanor for hitting his wife. >>still to come president obama is pushing congress to come up with an agreement before the fiscal cliff. >> this is the james area and there's not too much traffic out there. we will be right back. mçó4+y?i >>we are back. it is a 3:00 p.m.a 3:00 p.m.. 8:15 a.m. walns been seen steady rain. we will have a little bit of a break because we will be sitting at between two systems. it will be pretty heavy in the north bay. take a look at storm tracker 4. we have been saying showers consistently running through san francisco. taken a look at satellite and radar the system is pushing up from the south. the neck system will be cooler.xt system will be will still be ddealing with downpours. we will see some sunshine and a little bit of a dry break. it will not last too long because the rain will push back in as 6:00 p.m. it will decrease into overnight our but we still may wake up with light rain tomorrow morning. we are not in the clear yet we do have more showers that are headed our way. it looks like morning showers will be on thanksgiving
million and above it's less and that's all i'm hearing from the obama administration peter at this point, is that high end thing. that doesn't solve anything at this point. >> right. raising tax rates and saying that's the only way to get revenue is a false choice. all we need to do is grow the economy more than it is today and you will get higher revenues. that's the simple math and again, the context of where we're going with these tax hikes is the u.s. economy is barely growing and why would we want to damage that? why do we want to shrink the private sector just as the time we need to increase it. >> they point out the president, when he signed the last compromise when he did the two-year extension he said it's not the right time to raise taxes. they do understand it can be below 250, more deleterious because people above 250 don't save it or they spend it. they understand it's not good for the economy. the $82 billion we were able to get might hurt the economy to the same extent we'll still be at $1 trillion and at $20 trillion within four or five years. >> last week we talked to da
views. paul written into say the cliff issue will go right to the wire and a fudge will be agreed. you can imagine what would happen in any other country which refused to raise taxes with such a difference set. and don says obama will get plenty of advice about how to address it just as in his first term, he will ignore all of it. so a couple different opinions. e-mail us worldwide@cnbc.com, @cnbcwex, @ rosswestgate. it's the start of a new trading week. u.s. futures pointing to a moderately up start. 23 above fair value for the dow, nasdaq 9, and just over 2 points above fair value for the s&p 500. global 300 is flat. ex-take dabs and ftse with slim gains. >>> still to come, greece has approved its latest austerity budget, so will finance ministers agree on the next tranche? perhaps not came. another business win. i'll set up the video conference to iron out the details. this cdw cloud collaboration powered by cisco is pretty amazing. we interact with our offices, anywhere, anytime. charles, you're one of the greatest losers of all time. thank you. [ male announcer ] how could switchg
into another four years of the obama administration, where are we, and why are we here, and how do we get somewhere else? what went wrong, what is going right, and what to do about it going forward? >> first of all, i do not think that favorability ratings and the pew surveys of evidence of whether we're doing something wrong or right. i think it is a huge mistake for anybody who practices public diplomacy to think that his or her job is to win a popularity contest. well i guess maybe some of us who were in the bush administration can take a certain pleasure in effect in 2008, the favorability ratings for the united states were higher in four out of the five surveyed arab countries -- i am not even going to bring that up. [laughter] and it is a big mistake. in my view, and what i tried to do during my short tenure as undersecretary, is try to focus attention on what public diplomacy can do to achieve specific ends that are part of their goals in foreign policy and national security policy. that is what public diplomacy is supposed to do. if everybody loved us, it may be easier to achieve
as a republican vote against a tax cut? right now, a lot of the advantage in the negotiation, for the first time, is with obama. i think he is smart enough to use it. >> but it is interesting, here is counter intuitive, it may well be over the next four years that the president has trouble with republicans, whether they laid down or not, then some of his own nominal supporters on the left to certainly interpret this election as a mandate not to touch social security, not to touch the entitlement programs. and clearly if there is to be a grand bargain, however you define that, it will entail not only increased revenues, but it will require some very difficult program cuts. and that may turn out to be the most controversial, most difficult, most demanding test the president confronts. >> i think the problem will be people within his own party, but i go back to your point, and that is what is going to hold the republicans up. they have to get beyond grover norquist and somebody has to stand up and say that was fine back then, we have won elections on it, but it will not hold on any more. the countr
gains tax increase. there are a number of things frightening republicans right now, there's a number of things that should truly be frightening democrats. democrats control the white house, they have a larger majority in the senate. there is certainly some onus on president obama, the white house and senate majority leader harry reid to show that the democratic party can govern in a moment of great fiscal crisis. so i think there's a tremendous amount of pressure to go around here. while the conventional wisdom is that the president is in the driver's seat, i think that there's plenty of leverage to be had on capitol hill. jon: and republicans are not likely going to want to give a whole lot on tax increases. >> there's no doubt. and that's why you sort of look for that line in the sand and whether or not it's going to be drawn on capitol hill. it's not too early to think about 2014 for senators who may be up for re-election in 2014 and even for members of the house. it's never too early in washington to think about your next election, so i don't think there's any doubt that members
this morning that he did on friday afternoon. i'll ask it to you right now. >> absolutely, i am. here's why. two reasons. they're the two men that head their respective parties. president obama doesn't have another election to undergo. and so he's removed from the weight of addressing entitlement reform which we must do. so the very far left can't pull him back from doing that. and then you have mr. boehner that i think we democrats should be thankful is head of the house of representatives who almost came to a grand bargain two summers ago with the president. now he's heading a party that's a bit chastised by not appearing modern and enough alike in this last election by the electorate. i think if these two men, particularly if they take the template of the bowles/simpson commission of having both revenues and entitlement reform and spending cuts, can come to a bargain to do that. not to do it, you know as well as i do, carl. that means by mid-march when that debt ceiling is hit, because we can't move the money anymore in treasury, we will have a broken american dream. they've got to do th
downgraded again -- >> ever since the election, i keep trying to just focus right on what we're talking about and that is this high end marginal rates on the 250 and above. obama has at this point said that so much times that, i don't know, he's kind of like drawing a line in the sand there. >> oh, yeah. >> we decided yesterday that was one thing that he is at 250 and 39.6. >> i'm still not convinced it's 39.6%. i do think 250 is the line. >> i don't think we're 35% and trying to find deductions anymore. >> the house was 55% stayed republican. so they have the same claim that their constituents elected them to hold the line on this. i saw comments from dave camp that this game that he keeps playing with, i've got the pen, i'm ready to sign it, it's just delaying. it's a nonstarter according to the people that stopped it the last intwo years. >> today is the first day that they'll all be meeting at the white house. and today is the first day that we don't know what's going to happen. >> the issues are so big in terms of entitlements. the fiscal cliff is one thin, but the issues are so -- the f
. right now the euro seems to believe they will. >> two-week high here. >> as we have been mentioning throughout the show president obama stepped up his lobbying efforts around a fiscal cliff resolution thing weekend before leaving for asia. making calls to jamie dimon, warren buffett, tim cook, several other notable luminaries in the world of business. we know jumping off the cliff or falling off the cliff would impact u.s. gdp. but how much? who better to ask than steve liesman. give me the answers. how much. >> i'm going give you two answers. i will give thank you broader answer but we are also going to take a look now at something here's not been done before. how the fiscal cliff goes down to a state level and county by county level as well. take a look at the overall numbers. p this is the question david asked. here is the 2013 impact. drilled down here. nondefense spending $40 billion comes off. defense spending, $24 billion. bush taxes, $42 billion for the wrelthy. that takes a drop of $503 billion. we sandt studded can't saw how exactly it spreads out but we can say where fede
that was significant. there is a possibility he could do that now. >> if the grand bargain that president obama and speaker boehner were talking about two years ago were put back on the table right now, with the house republican conference that speaker boehner? the $800 billion. >> through growth, deductions, loopholes, so forth. i have not what this vote. >> she may have to. >> tell me about that. the house republicans are poised to move in that direction. is the speaker hunting out a head of the pack? i do not think so. he is leading the house in a way. he is reflecting what a majority of house republicans are. >> what is the speaker doing today? he went out after the president's victory on tuesday. he went to the cameras, offered sincere congratulations, and laid out a pathway for a way for us to get out of this. it was a good way. there is some language about compromise and common ground. we have to figure out a way to avoid this fiscal cliff and all the drama that would ensue if we go over it. the speaker laid out a pathway and said to the president -- lead us on this pathway. we are telli
this morning. we were down 60 points on the dow right at the open, and we've essentially moved 130 points. a couple of pieces of speculation floating around. one is, of course, president obama will be meeting with business leaders, labor leaders this afternoon to talk about the fiscal cliff. there's a lot of expectations of high-profile headlines that are out there, that may be helpful to the markets. that's number one. number two, i want to put up the spanish yield. you heard simon just mentioning that. when i called around and said, boy, this is an interesting little rally, a lot of people pointed to this big plunge in spanish yields that's going on today. i don't have a lot of news for you at all here. there's been some vague speculation that the ecb may begin buying spanish bonds. that's been around for a long time. some vague speculations about that, but that was certainly a factor, i think, in pushing up more markets as well. let me move on here to talk about home depot. the key story of this morning was home depot. i hope y'all don't think that hurricane sandy was the necessary maj
to extend it for another decade, to provide benefits immediately, immediately for seniors right now. republicans took that same money and gave tax cuts to the rich, and that was the message that outside money spent a fortune to misrepresent. and that is why the election of barack obama was so very, very important to protect medicare, even the we could not get the majority. we knew what he wants, that many of the issues, affordable care, medicare, et cetera were protected. so we have a different view of what happened that day. you saw some of the members that we elected, the intellect that we brought in here. so it's not about quantity so much for us as the quality of leadership, the quality of our members, the ideas that they have, the talent they bring, that commitment and dedication to a better future. we are a solidly -- we may not have the majority and we may not have the gavel, but we have the unity, and we have unity to go forward to create jobs, to build our economy, simple as abc. american-made, make it in america. b., build the infrastructure of america. right? and c, tax c
, and republicans have been picking on obama for four years. and usually their mantra goes jobs, destroying regulation, let industry police itself, we don't want government involved. now they are saying we want more government involvement. and i think they are right. with one appropriate government involvement to stop these things from happening. so, you would think that our obligation would be to figure out, he had the authority? i respect that chairman greatly but i've never understood him to be a great legal scholar. seems to be there's some ambiguity. if there's an ambiguity it's our job to clear it up. you think there's an ambiguity because the law we drafted in 1997 said one thing and the court came in and said something else. you don't know what you can add, what do you can't act. if want to make you act in the future, other than just to beat you up do not i can, we got to make sure you have all of the authority appropriate to act. courts have thrown out part of that 1997 law. the courts themselves divided on whether section 503(a) continue to any legal force and the western states,
what happened. i think that what we are dealing with right at this moment is a signal from senator mccain that they are not going to cooperate with the second administration of barack obama, that they are going to stall out all of his nominations. this is their warning shot that they are going to filibuster her appointment and perhaps anybody else's. i think that's what it is. and here is the intelligence committee member. >> again, i'm really confused. the only point in contention really is whether or not this attack emerged from a protest and as soon as the information became clearer and it did take some time for that to happen, then that was perfectly clarified. there is absolutely -- it's inconceivable to me for anybody to speculate there would be a deliberate misleading of the american people. why would there be? it's perfectly inconsequential al. there was a spontaneous demonstration and the terrorist groups organize niced to take tunistic advantage of it or not. in any case, there is no advantage to mislead the american people in that regard. i mean you have to have motivati
of the onion our. as the one we need. just a little schedule not. let's bring her out right now. first things first. i don't know if you heard. they finished counting the votes. and according to the official final florida total, barack obama did when the state of florida barely edging out al gore. another problem for our state. florida, you can spell it without the. and honestly, if you go to that date county election bureau official website it says election ready. it does. almost impossible this could happen. twelve years ago. everyone remembers 2000. they could not figure out which will. people of florida, if you are behind -- year in a left turn lane with and marijuana pointing left and behind a car, usually is to people in the 1998 buick. a light changes, there's a green arrow pointing left. with the flock. usually have to wait a couple of cycles. what i want to do is to make it more friendly for florida voters. instead of using words, pictures. you would go by poking under candid it's eyeballs. follow what happened, the poke up their own eyeballs. the ballot was really, really long. long
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